EXPLORATION AND MINING:EXPLORATION AND MINING:

COPPERCOPPER--GOLD IN THE LAO PDRGOLD IN THE LAO PDR

ANDAND

GOLD AND NICKEL IN WAGOLD AND NICKEL IN WA

INVESTOR UPDATEINVESTOR UPDATE

HIGHLIGHTS:

ASX listing on 6 April 2006, codes AYR and AYRO

Recent MOU on JV agreement with Nilandon Mining Group (Laos) on Nam Thong Copper-Gold Project area

Nam Thong has similarities to Sepon Cu-Au deposit to the SE

Gold projects in WA with current total resource base of 308,000 ozs

Pre-feasibility study completed on Comet Gold Mine area: treatment of ore on site has been on hold until higher gold price, or tolltreatment may occur sooner

Exploration update at Horse Well gold project

Exploration update at Kurrajong nickel project

Shares on issue: 69,300,000 (quoted 56,625,000)Current price: $0.15Market Capitalisation: $10.4 million

Listed options on issue: 35,000,000Current price: $0.05Exercise date: 6 April 2009

Top 5 shareholders:

Shareholder Name Number of shares Percentage Big Bell Gold Operations Pty Ltd 5,000,000 7.22%Jayson and Janet Meyers 4,000,000 5.77%Nakura Resources Pty Ltd 4,000,000 5.77%Frazerview Investment Pty Ltd 3,500,000 5.50%Auriferous Mining Ltd 2,499,925 3.61%

Cash on hand: approximately $2.2 million

SHARE STRUCTURE AND CASH POSITION

Peter Harold - Non-Executive ChairmanManaging Director Sally Malay MiningChairman –Territory Uranium

Dr. Jayson Meyers – Managing DirectorAssoc Prof Curtin UniversityEx Great Central Mines Group

Peter Hepburn-Brown – Executive DirectorAlso Kasbah ResourcesEx Harmony Gold, Great Central Mines, WMC

Kevin Hart – Non-Executive Director and Company SecretaryPartner Endeavour Corporate

BOARD AND MANAGEMENT

LAOS PROJECT

-Project area highly prospective for Cu-Au mineralisation

-HOA signed with Nilandon Mining Group to earn up to 80% interest

-Adjacent to Pan Australian’s Phu Bia Mine (2.0 Moz Au and 1.2 Mt Cu), and along strike from Oxiana’s Sepon Mine (4.5 Moz Au and 1.8 Mt Cu)

-Project area consists of mining concession area and application for exploration and mining concession anticipated to be granted before the end of the year

-Entry into project to earn 60% is US$1.2M in 3 staged payments: US$250K paid, US$300K on granting of application, and after 18 month exploration period US$650K (or exit with no interest)

-On completion of BFS earn 80%, then both parties contribute or dilute.

Copper Occurrences Gold Occurrences

GENETIC MODELS FOR LAOS Cu-Au DEPOSITS

LAOS PROJECT

- Geology similar to Sepon: siltstones and limestones with high level intrusions, silica and sulphide alteration, same foldbelt

- Potential for copper and gold

- Granted mining lease

- JV partners have good relations with local and national government

- Number of untested areas of outcropping mineralisation and geochemical anomalies

- No restrictions on foreign ownership

- Low cost labour force

- Relatively easy access

-Excellent time to be establishing projects in Laos

New Frontier

Project located near Cue

Near operating mills at Mt. Magnet and Sandstone

Evaluation completed on construction of a MMP at site

COMET-WEBB’S PATCH

COMET-WEBB’S PATCH

Principal strategy is to recommence mining at higher gold price

Comet underground resource 165,000 ozs

Pinnacles, Comet North, Eclipse, Comet South and Venus have over 65,000 ozs in open cut potential

Ultramafic horizon identified having favourable rock chemistry for nickel-sulphide occurrences

Exploration using geophysics, structural studies and intensive drilling programs

NickelExploration

area

COMET DRILLING

Drilled approximately 6,500 metres to test fault zones hosting sulphide alteration and gold

Discovered new high-grade zone 500 m to south of Comet

Confirmed continuation of Comet structure at depth

COMET DRILLING TARGETS Long section

shallow TEMPEST conductors

COMET DEEP DRILLING FOR DEPTH CONTINUATIONS

COMET SAM

SURVEYING

Gold bearing structures detected and new targets generated

Venus target drilled and showed low grade gold mineralisation

COMET PROJECT, MINING

Pre-feasibility study completed May 2007:

- Metallurgical test results, so far high gravity recovery following 75 microns grind (>50%) with a total recovery of 94% with leaching

- This shows that gold with sulphide is non-refractory

- Optimal flow sheet for processing plant design

- Costing of plant components and construction

- Calculation of operating and site costs using updated quotes

- Mine design, ore-to-waste ratios, and development costs

- Mining costs and transport costs

- Treatment at site is an expensive option, and production scenarios are more robust at higher gold price or using toll milling

Rock Chips: Nickel MgO

HORSE WELL

Palomino prospect has a gold resource of 75,000 oz above 100m depth

Open along strike and depth

Optimised open cut potential

Other advanced prospects within tenement

Within trucking distance to Jundee and Wiluna mines

Geophysics and drilling to increase resources and explore for new deposits

HORSE WELL

Tenement covers Horse Well greenstone domain

Palomino contains JORC resource of 600,000 t at 2.7 g/t

Palomino is open along well-defined geological structures

High gold grades in drilling at other prospects

Large area of greenstone belt not effectively explored by drilling

Cu-Pb-Zn targets in east

HORSE WELL Open cut resources and targets

Palomino

Filly

Bronco

HORSE WELL Palomino Long section looking east

Horse Well prospects with N-S and NE trends digitised. The intersection lines coincide with the lineations observed at each of the deposits.

HORSE WELL

Leapfrog

study

Target

HORSE WELL

SAM survey

Results

Tenements recently cleared through Native Title

Resource evaluation for Bronco and Filly

Geochemical targeting and drilling in 2007

• 88 Creek project

• Entirely new gold province in Australia

• Gold can be explained as an epithermal deposit forming within the continental plate

• Several prospects with gold in soils

• Multi-spectral targets

NORTH KIMBERLEY

Acrobat Document

88 CREEK

• First pass drilling proved a bedrock source for the gold

• Requires targeting and drilling below low-grade gold intersections in order to test for high-grade mineralisation

88 CREEK

NORTH KIMBERLEY difficult field area

Kimberlite Kimberlite IntrusiveIntrusive

PorphyryStock

High gradeHigh gradegold targetgold target

at depthat depth

Low sulphidationLow sulphidationsystemsystem

Epithermal gold model88 CREEK

88 CREEK

Drill testing using a specialised rig that get into field area

Drilling to occur when tenement extension granted and at end of cyclone season

Progress exploration in Laos: company set up, preliminary exploration, granting of concession, drilling in mining lease area, aggressive explorationComet and Horse Well projects: commence mining on favourable profit scenariosTargeting gold exploration at Horse WellNickel exploration at Kurrajong projectDrilling at 88 Creek on tenement extensionEvaluate projects for acquisition

FUTURE ACTIVITIES

THANK

YOU!